Mr. Greg Reid reports

KRAKEN ROBOTICS ANNOUNCES $102-million IN NEW ORDERS

Kraken Robotics Inc. has noted continued strength in new order activity with $102-million of new orders since its last update on Aug. 27, 2026. Announced orders in 2026 for Kraken and its recently acquired Covelya Group Ltd. now total approximately $457-million. Over 60 per cent of these combined orders in 2026 have come from defence industry customers.

"These orders demonstrate the breadth of demand across the combined company, with contributions from defence and offshore energy customers, new and returning customers, and multiple product families," said Greg Reid, chief executive officer of Kraken Robotics. "The acquisition of Covelya has materially expanded the technologies and solutions we can offer our customers, while integration activities continue to progress as planned. With the vast majority of these recent product orders expected to convert to revenue within the next 12 months, this activity provides meaningful visibility as we enter 2027."

The recent $102-million in product orders are grouped as follows:

• Over $55-million across Covelya businesses, with strength in offshore oil and gas and defence;
• $25-million for Kraken's subsea batteries for UUV customers in the defence sector;
• $22-million for Kraken's synthetic aperture sonar (SAS) systems, including the largest single SAS order in the company's history from an undisclosed navy customer. These advanced SAS systems will be integrated on man-portable UUVs as part of a major naval program. The program may generate additional orders over its multiyear duration.

Q3 2026 results conference call and webcast

Kraken will release its third quarter 2026 financial results prior to the opening of markets on Tuesday, Nov. 24, 2026. Kraken's management will hold a conference call at 8:30 a.m. ET the same day to discuss the company's results and outlook.

Participants can listen to this event at the webcast details below, or by dialling 1-833-752-3301 (North America) or 1-647-846-2734 (international), and asking to be connected to the Kraken Robotics call. A recording will also be available following the call.

Webcast details:

Date:  Tuesday, Nov. 24, 2026

Time:  8:30 a.m. ET

About Kraken Robotics Inc.

Kraken Robotics is a global marine technology company transforming subsea intelligence through advanced sensors, software and integrated systems. Serving defence, offshore energy and ocean science markets, the company delivers actionable insights in challenging underwater environments. Kraken's integrated subsea solutions span sonar, navigation, positioning, imaging, power, communications, monitoring and data analytics.

On July 2, 2026, Kraken Robotics acquired the Covelya Group, bringing together Sonardyne, EIVA, Forcys, Voyis and Chelsea Technologies. Together, the companies combine highly skilled global teams with a shared commitment to solving complex underwater challenges through world-class, dual-use technologies.

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